Europes fourth largest economy concede they will have to ask for aid to survive debt crisis. Spains finance minister has announced his country will ask for European aid for its suffering banking system. No official request has been made yet. The Spanish government wish to wait for two individual reports on its banking system to return before finalising the sum. An International Monetary Fund report said Spain needs at least 40 billion euros to be injected into several banks. However, it has been suggested the figure could be nearer 100 billion euros. A European bailout of this sort would result in Spain joining Greece, Ireland and Portugal in bowing to the need for outside aid. Prime Minister Mariano Rajoy has already introduced extreme measures of austerity to try and cut Spains budget deficit. Additionally, at this moment in time he is refusing to accept the term bailout seemingly to save face. With the European debt crisis claiming yet another victim, the Eurozone will not take this bailout lightly. Unlike some suggestions, the money will not be handed straight over to the banks, it will have to pass through government first. Also, in exchange with the bailout, European finance ministers will demand Spain carry out urgent reforms in its financial sector. The individual reports are due to return by Friday. The Spanish government will then officially request the funds in order to withstand the ruthless economic conditions imposed on their country and continent.